The growth was driven by strong performances in the tourism, trade, and construction sectors. Tourism revenue increased by 10%, trade grew by 5%, and construction output rose by 4%.
The strong GDP growth is a sign of the continued recovery of Dubai’s economy. The emirate is well-positioned to continue growing in the coming quarters, thanks to its strong tourism sector, strategic location, and business-friendly environment.
“Dubai’s economy is growing at a healthy pace, and we are confident that this momentum will continue in the coming quarters,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. “We have a strong foundation in place to support continued growth, and we will continue to invest in our economy and infrastructure to create a better future for our citizens and residents.”
The Dubai Statistics Centre (DSC) released the GDP data on Wednesday. The DSC said that the growth in the first quarter was driven by a number of factors, including the increase in tourist arrivals, the growth in trade, and the continued expansion of the construction sector.
The number of tourist arrivals to Dubai increased by 8% in the first quarter, compared to the same period in 2022. This was driven by the increase in air traffic to Dubai, as well as the growth in cruise tourism.
Trade also grew in the first quarter, with the value of imports and exports increasing by 5%. This was driven by the increase in the value of re-exports, as well as the growth in the value of non-oil exports.
The construction sector continued to expand in the first quarter, with the value of construction output increasing by 4%. This was driven by the increase in the number of projects being undertaken in Dubai, as well as the growth in the value of contracts awarded.
The DSC said that the growth in the first quarter was broad-based, with all sectors of the economy registering positive growth. The tourism, trade, and construction sectors were the main drivers of growth, but other sectors also performed well, including the manufacturing and services sectors.
The DSC said that the strong GDP growth in the first quarter is a positive sign for the Dubai economy. The emirate is well-positioned to continue growing in the coming quarters, thanks to its strong fundamentals and its continued investment in its economy and infrastructure.